Call me cautious, but I just downloaded and installed Lr 3.2 Beta and WOW, blown away by the Noise Reduction improvement. I hope/assume that they are going to make this available to Elements 7/8 at least, and it will be a huge step forward.

I am doing a compare with Noise Ninja which I also have and for the first time, I think ACR is ahead of the game!

Love the new features available in ACR and the new stuff in CS5 - content aware fill works and ROCKS. And the new selection feature is pretty amazing. I posted a while back a Mark Johnson tut on tricky selections and all of that is incorporated automatically on CS5.

The tut is here and with a very good understanding of Elements, can be done in Elements 6 and up (uses smart brush selection) possibly earlier versions as well.

So, love them and the new toys will keep me out of mischief for a while.

I'm liking LR3. It keeps getting better and better with each new release. You can see some videos covering some of the new features here. If you already use LR, I feel it is worth the price of admission. If you don't, it is definitely worth checking out.